PETRONAS and Mitsubishi Corporation have strengthened their 46-year partnership with the signing of new agreements, further solidifying the trust in PETRONAS’ capabilities to deliver Liquefied Natural Gas (LNG) to international markets, with a primary focus on customers in Japan, according to Petronas's release.
The agreements outlined Mitsubishi Corporation’s investment in the Malaysia LNG (“MLNG”) Dua and MLNG Tiga for the next decade with the extension of its 10 per cent equity shareholding in MLNG Dua, and the reinvestment of a 10 per cent equity shareholding in MLNG Tiga.
The agreements mark the continued participation of Mitsubishi Corporation in the two ventures, along with associated marketing activities and deliveries of LNG from Bintulu to Japan.
The PETRONAS LNG complex, through partnerships and alongside Mitsubishi Corporation, commenced LNG supply to long-term Japanese contract buyers since 1983. PETRONAS LNG Complex comprises four joint ventures: MLNG, MLNG Dua, MLNG Tiga and PETRONAS LNG 9 with a combined production capacity of 29.3 Million Tonnes Per Annum (MTPA), making it one of the world’s largest LNG facilities in a single location. PETRONAS LNG Complex is among the main LNG suppliers, providing lower-carbon energy solutions to a diverse range of public and private sector customers in Japan. Besides its main business of natural gas in Malaysia, Mitsubishi Corporation has also participated in ten gas upstream blocks in Sarawak and expanded its areas of investment in Malaysia to automobile, food, petrochemicals, metal and steel, bringing the company’s total investment amount into the country to approximately RM5 billion last year.